Nigeria’s mobile application market is set to experience significant growth in the coming years as smart phone ownership and broadband internet acquisition continues to rise.

According to industry experts, the potential growth will be fostered by the declining prices of mobile phones and gadgets, and would encourage customers to patronize local mobile applications.

“The sub-$100 smartphone is steadily becoming a reality globally. Low-end smartphones are increasingly available and these types of mobile phones will likely grow at a CAGR [Compound Annual Growth Rate] of 15 percent over the coming years,” James Rutherford of Nokia Corporation said.

Figures gathered from GFK Retail and Technology Nigeria reveal that Nigerians spent an average of N92 billion ($566 million) in acquiring 1.82 million in 2012, and analysts believe the sector will record further growths in the next few years.

These figures, though relatively low compared to the country’s total population, still puts Nigeria as the leading market for smart phones in Africa.

According to a report, Nokia has about 73 percent of the Nigeria’s mobile phone market, with Samsung claiming 4 percent. The country currently has over 114 million mobile phones in operation, 10 percent of which are smartphones.

This has created an attractive market for app developers as higher sales and profit returns as well easy adoption makes it an ideal environment for local app development.

“You can see that it has taken an astronomical growth with over 110 million mobile lines. We are in the top ten biggest mobile market in the world, all this in less than a decade. The growth of the app market is a reflection of our mobile market, they go side by side,” said Osamede Umweni, MD of 70th Precinct Limited.